1. Field of the Invention
The present invention relates to an apparatus and method for determining the numismatic quality and thus the monetary value of coins. The monetary value of a coin of a particular mint mark, date and class is determined by its quality, that is by the extent to which the coin does or does not exhibit defects or imperfections. The present invention provides an apparatus and a method for using the apparatus which enables the numismatist to accurately and objectively determine the monetary value of coins.
2. Description of the Prior Art
The prior art approaches to evaluating coins involve the classification of a coin within one of at least eight qualitative categories. These categories are generally identified as "good", "very good", "fine", "very fine", "extremely fine", "about uncirculated", "uncirculated", and "proof." The difficulty inherent in classifying a coin within one of these categories, and thus determining the numismatic quality of a coin, is in defining what is meant by each of the terms designating a particular category.
Prior methods for classifying coins within these categories involve the use of textual descriptions, lined drawings, and photographs. Textual descriptions of coins representative of a particular category are of only limited help when evaluating a coin because of different meanings placed on the words by various numismatists. The result of relying on textual descriptions of the categories is that a coin's numismatic quality is determined subjectively. Thus, to a large extent the category to which a coin is assigned depends upon the numismatist conducting the evaluation. Similarly, the use of lined drawings of coins meant to be representative of a particular category results in a subjective evaluation because of lined drawings do not accurately represent the characteristics of actual coins. Further, lined drawings are meant to represent only one particular type of defect or imperfection, namely, "wear." They do not represent other types of defects used in evaluating a coin; such as "strike," "bag marks" and "luster."
The same problems in coin evalution which result from reliance upon textual descriptions or lined drawings are present in those methods which rely on photographs of actual coins. The photographs often are of coins which are representative of a combination of the types of defects used in evaluating coins. That is, photograph may be of a coin having excellent luster but numerous bag marks. For evaluating coins with the help of such photographs it is often difficult to adequately and objectively take into consideration each one of the defects.
Thus, the prior art methods of evaluating coins are subjective methods which confusingly combine rather than isolate the types of defects which control the evaluation of coins. In fact, the prior art methods for evaluating coins give the appraiser little if any objective help. The main ingredients in an accurate prior art appraisal of a coin are the appraiser's skill and experience. This leaves an individual a wide latitude in establishing a coin's "true" value. Aside from genuine differences in the proper evaluation of a coin, the prior art appraisal methods also leave much operating room for unscrupulous persons. Thus, the overvaluation of coins by sellers is frequent. If a coin which in reality has a quality of "extremely fine" is valued as "uncirculated," its monetary value might be increased by a factor as high as 100 or more.
Another problem inherent in the prior art methods of evaluating coins results from the fact that the predominant monetary value of a coin is concentrated in only one or two particular categories. Thus, categories of "extremely fine" or below constitute perhaps only five percent of the potential monetary value of the coin. On the other hand, as much as ninety-five percent of the potential monetary value of the coin may rest in the "uncirculated" and "proof" categories. In short, the monetary value of a genuine coin does not increase linearly as a coin advances in the categories presently used to evaluate coins.
Applicant's invention solves many of the problems encountered in the prior art methods of evaluating coins since it enables the objective, standardized evaluation of coins by isolating the various types of defects which determine the value of coins. Thus, a numismatist is not confused by a photograph or a textual description of a coin having, for example, numerous bag marks yet high luster.